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Jun 30, 2024
Grand Canyon Education Q2 2024 Earnings Report
Second quarter results were reported with revenue and EPS increasing year-over-year.
Key Takeaways
Grand Canyon Education, Inc. reported an increase in service revenue to $227.5 million for the three months ended June 30, 2024, an 8.0% increase compared to the same period in 2023. The increase was driven by higher GCU enrollments and increased university partner enrollments at off-campus sites. Net income increased to $34.9 million, with diluted net income per share at $1.19.
Service revenue increased by 8.0% to $227.5 million compared to Q2 2023.
Partner enrollments totaled 106,307 at June 30, 2024, compared to 99,526 at June 30, 2023.
Operating income increased to $42.7 million, with an operating margin of 18.8%.
Net income increased 20.4% to $34.9 million, with diluted net income per share at $1.19.
Grand Canyon Education
Grand Canyon Education
Grand Canyon Education Revenue by Segment
Revenue by Segment
Service Revenue
CapyFin.com Forward Guidance
Grand Canyon Education provided guidance for Q3 2024, Q4 2024 and Full Year 2024.
Positive Outlook
- Service revenue of between $238.0 million and $240.5 million for Q3 2024.
- Operating margin of between 19.7% and 20.4% for Q3 2024.
- Diluted EPS of between $1.37 and $1.43 for Q3 2024.
- Service revenue of between $286.5 million and $291.5 million for Q4 2024.
- Operating margin of between 34.7% and 35.7% for Q4 2024.
Challenges Ahead
- Effective tax rate of 20.8% for Q3 2024.
- 29.1 million diluted shares for Q3 2024.
- Effective tax rate of 21.7% for Q4 2024.
- Diluted EPS of between $2.78 and $2.91 for Q4 2024.
- 28.9 million diluted shares for Q4 2024.